Equibles

8-K

HYSTER-YALE, INC. (HY)

8-K 2023-08-01 For: 2023-08-01
View Original
Added on April 11, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_______________________________________________________________________________________________________________________________________________________________________________________________________

FORM 8-K CURRENT REPORTPursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 1, 2023
HYSTER-YALE MATERIALS HANDLING, INC.
(Exact name of registrant as specified in its charter)
Delaware 000-54799 31-1637659
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
5875 Landerbrook Drive, Suite 300
Cleveland (440)
OH 449-9600 44124-4069
(Address of principal executive offices) (Registrant's telephone number, including area code) (Zip code)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share HY New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition and

Item 7.01 Regulation FD Disclosure.

On August 1, 2023, Hyster-Yale Materials Handling, Inc. (the “Company”) will post on its website at www.hyster-yale.com additional historical quarterly financial data and update the schedules that were previously posted to the website for the second quarter 2023 results. A copy of the data is attached as Exhibit 99 to this Current Report on Form 8-K.

This Current Report on Form 8-K and the information attached hereto are being furnished by the Company pursuant to Item 2.02 of Form 8-K, insofar as they disclose historical information regarding the Company's results of operations.

The information in this Current Report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

As described in Item 2.02 and 7.01 of this Current Report on Form 8-K, the following Exhibit is furnished as part of this Current Report on Form 8-K.

(d) Exhibits
99 Hyster-Yale Materials Handling, Inc. historical quarterly financial data, as posted on its website at www.hyster-yale.com on August 1, 2023.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 1, 2023 HYSTER-YALE MATERIALS HANDLING, INC.
By: /s/ Jennifer M. Langer
Jennifer M. Langer
Title: Vice President, Controller and Chief Accounting Officer

Document

EXHIBIT 99

Hyster-Yale Materials Handling, Inc.
(in millions, except percentage data)
Backlog (in thousands)
Q1 Q2 Q3 Q4 FY
2022 114.1 112.0 108.2 102.1 102.1
2023 99.2 92.8
Unit Shipments (in thousands)
Q1 Q2 Q3 Q4 FY
2022 23.9 25.3 24.5 27.1 100.8
2023 25.2 27.7
Revenues - Americas Revenues - Americas - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 557.7 596.6 571.3 679.8 2,405.4 2022 21.3 % 24.5 % 15.6 % 23.3 % 21.2 %
2023 685.9 788.5 2023 23.0 % 32.2 %
Revenues - EMEA Revenues - EMEA - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 169.7 184.8 159.4 190.3 704.2 2022 -0.6 % 5.5 % 3.9 % 5.9 % 3.7 %
2023 214.9 200.6 2022 26.6 % 8.5 %
Revenues - JAPIC Revenues - JAPIC - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 51.7 64.9 65.5 67.9 250.0 2022 -14.5 % -0.2 % 16.8 % 29.8 % 6.9 %
2023 47.9 49.6 2023 -7.4 % -23.6 %
Revenues - Bolzoni Revenues - Bolzoni - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 95.1 86.4 82.2 92.0 355.7 2022 19.6 % 1.9 % -8.7 % -1.6 % 2.3 %
2023 98.6 96.6 2023 3.7 % 11.8 %
Revenues - Nuvera Revenues - Nuvera - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 0.6 0.3 1.2 1.3 3.4 2022 n.m. — % n.m. n.m. n.m.
2023 1.6 1.0 2023 n.m. 233.3 %
Revenues - Consolidated Revenues - Consolidated - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 827.6 895.4 840.1 985.2 3,548.3 2022 13.0 % 17.0 % 12.3 % 18.7 % 15.4 %
2023 999.3 1,090.6 2023 20.7 % 21.8 %
Hyster-Yale Materials Handling, Inc.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions, except percentage data)
Gross Profit Gross Profit %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 101.2 99.1 86.9 146.7 433.9 2022 12.2 % 11.1 % 10.3 % 14.9 % 12.2 %
2023 174.4 197.9 2023 17.5 % 18.1 %
Operating Expenses Operating Expenses as a % of Revenue
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 119.5 114.8 111.8 126.9 473.0 2022 14.4 % 12.8 % 13.3 % 12.9 % 13.3 %
2023 131.8 139.1 2023 13.2 % 12.8 %
Operating Profit (Loss) Operating Profit (Loss) %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 (18.3) (15.7) (24.9) 19.8 (39.1) 2022 -2.2 % -1.8 % -3.0 % 2.0 % -1.1 %
2023 42.6 58.8 2023 4.3 % 5.4 %
Interest (Income) Expense
Q1 Q2 Q3 Q4 FY
2022 4.9 5.9 7.3 9.2 27.3
2023 9.6 7.8
Other (Income) Expense
Q1 Q2 Q3 Q4 FY
2022 (1.9) 0.2 0.2 (2.5) (4.0)
2023 (2.9) 0.2
Income (Loss) Before Taxes Effective Income Tax Rate
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 (21.3) (21.8) (32.4) 13.1 (62.4) 2022 -13.6 % 14.2% -13.0 % 39.7 % -14.7 %
2023 35.9 50.8 2023 24.2 % 23.6%
Net Income (Loss) Attributable to Stockholders
Q1 Q2 Q3 Q4 FY
2022 (25.0) (19.4) (37.3) 7.6 (74.1)
2023 26.6 38.3
Depreciation and Amortization Expense
Q1 Q2 Q3 Q4 FY
2022 11.1 11.0 10.9 10.4 43.4
2023 11.2 11.3
Net Working Capital (1)
Q1 Q2 Q3 Q4 FY
2022 704.7 751.9 686.2 715.7 715.7
2023 763.0 809.0
Capital Expenditures
Q1 Q2 Q3 Q4 FY
2022 9.7 5.6 4.4 9.1 28.8
2023 3.3 7.3
Net Cash Provided By (Used For) Operating Activities
Q1 Q2 Q3 Q4 FY
2022 59.1 (58.9) 34.1 6.3 40.6
2023 9.0 35.8
Hyster-Yale Materials Handling, Inc.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions, except percentage data)
Net Cash Provided By (Used For) Investing Activities
Q1 Q2 Q3 Q4 FY
2022 (9.3) (13.6) (4.3) (8.2) (35.4)
2023 (5.0) (6.9)
Cash Flow Before Financing Activities (2)
Q1 Q2 Q3 Q4 FY
2022 49.8 (72.5) 29.8 (1.9) 5.2
2023 4.0 28.9
Net Cash Provided By (Used For) Financing Activities
Q1 Q2 Q3 Q4 FY
2022 (50.9) 84.4 (35.4) (9.0) (10.9)
2023 (2.5) (26.4)
Dividends Paid to Stockholders
Q1 Q2 Q3 Q4 FY
2022 5.4 5.5 5.5 5.4 21.8
2023 5.6 5.5
Total Debt
Q1 Q2 Q3 Q4 FY
2022 479.0 580.6 545.0 552.9 552.9
2023 560.6 542.3
Permanent Equity Return on Equity (3)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 351.5 207.5 121.5 210.9 210.9 2022 -40.9 % -54.0 % -58.8 % -29.1 % -29.1 %
2023 257.6 292.3 2023 -9.8 % 16.1 %
(1) Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable.
(2) Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
(3) Return on equity is equal to the sum of the previous 4 quarters net income divided by average equity calculated over the last 5 quarters.
Lift Truck Business
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions, except percentage data)
Backlog (in thousands)
Q1 Q2 Q3 Q4 FY
2022 114.1 112.0 108.2 102.1 102.1
2023 99.2 92.8
Unit Shipments (in thousands)
Q1 Q2 Q3 Q4 FY
2022 23.9 25.3 24.5 27.1 100.8
2023 25.2 27.7
Revenues - Americas Revenues - Americas - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 557.7 596.6 571.3 679.8 2,405.4 2022 21.3 % 24.5 % 15.6 % 23.3 % 21.2 %
2023 685.9 788.5 2023 23.0 % 32.2 %
Revenues - EMEA Revenues - EMEA - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 169.7 184.8 159.4 190.3 704.2 2022 -0.6 % 5.5 % 3.9 % 5.9 % 3.7 %
2023 214.9 200.6 2022 26.6 % 8.5 %
Revenues - JAPIC Revenues - JAPIC - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 51.7 64.9 65.5 67.9 250.0 2022 -14.5 % -0.2 % 16.8 % 29.8 % 6.9 %
2023 47.9 49.6 2023 -7.4 % -23.6 %
Revenues - Lift Truck Business Revenues - Lift Truck Business - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 779.1 846.3 796.2 938.0 3,359.6 2022 12.8 % 17.7 % 13.1 % 19.7 % 16.0 %
2023 948.7 1,038.7 2022 21.8 % 22.7 %
Gross Profit Gross Profit %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 85.9 81.3 74.6 129.2 371.0 2022 11.0 % 9.6 % 9.4 % 13.8 % 11.0 %
2023 155.6 177.0 2023 16.4 % 17.0 %
Operating Expenses(1) Operating Expenses as a % of revenues(1)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 96.6 93.0 89.8 102.0 381.4 2022 12.4 % 11.0 % 11.3 % 10.9 % 11.4 %
2023 107.8 114.5 2023 11.4 % 11.0 %
Operating Profit (Loss)(1) Operating Profit (Loss) %(1)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 (10.7) (11.7) (15.2) 27.2 (10.4) 2022 -1.4 % -1.4 % -1.9 % 2.9 % -0.3 %
2023 47.8 62.5 2023 5.0 % 6.0 %
Bolzoni
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions, except percentage data)
Revenues Revenues - Bolzoni - % change yr. over yr.
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 95.1 86.4 82.2 92.0 355.7 2022 19.6 % 1.9 % -8.7 % -1.6 % 2.3 %
2023 98.6 96.6 2023 3.7 % 11.8 %
Gross Profit (Loss) Gross Profit %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 18.8 18.9 13.7 19.3 70.7 2022 19.8 % 21.9 % 16.7 % 21.0 % 19.9 %
2023 20.7 22.6 2023 21.0 % 23.4 %
Operating Expenses Operating Expenses as a % of revenues
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 16.7 15.5 15.0 17.3 64.5 2022 17.6 % 17.9 % 18.2 % 18.8 % 18.1 %
2023 16.3 17.2 2023 16.5 % 17.8 %
Operating Profit (Loss) Operating Profit (Loss) %
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2022 2.1 3.4 (1.3) 2.0 6.2 2022 2.2 % 3.9 % -1.6 % 2.2 % 1.7 %
2023 4.4 5.4 2023 4.5 % 5.6 %
Nuvera
--- --- --- --- --- ---
(in millions, except percentage data)
Revenues
Q1 Q2 Q3 Q4 FY
2022 0.6 0.3 1.2 1.3 3.4
2023 1.6 1.0
Gross Profit (Loss)
Q1 Q2 Q3 Q4 FY
2022 (1.9) (1.6) (2.0) (1.7) (7.2)
2023 (2.1) (1.8)
Operating Expenses
Q1 Q2 Q3 Q4 FY
2022 6.2 6.3 7.0 7.6 27.1
2023 7.7 7.4
Operating Profit (Loss)
Q1 Q2 Q3 Q4 FY
2022 (8.1) (7.9) (9.0) (9.3) (34.3)
2023 (9.8) (9.2)

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